MARKET UPDATE 09-Nov-18

The US dollar gained against its major peers today as the U.S. Federal Reserve kept interest rates steady. However, it reaffirmed its monetary tightening stance, setting the stage for another rate hike in December.

The Reserve Bank of Australia dropped their latest Monetary Policy Statement early this morning. The central Bank maintained a steady monetary policy stance in general despite saying the economy was “performing well”.

In a bullish statement, the RBA said economic growth would peak “a little stronger than earlier expected” at 3.5 per cent by December 2018. However, will continue to monitor the slow growth in household incomes, an environment of high household debt and the impact of falling house prices as it considers the next rates move.

Meanwhile, the Bank of Japan is expected to maintain its ultra-loose monetary policy due to low growth and inflation.

FBC FX Rates 09.11.18

 

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